HRA RES 1990-01 - 00013836RESOLUTION N0. HRA 1- 1990
' A RESOLUTION MODIFYING THE REDEVEZOPMENT PLAN FOR
REDEVELOPMENT PROJECT N0. 1 AND MODIFYING THE TAX
INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICTS N0. 1 THROUGH NO 9 TO REFLECT INCREASED
PROSECT COSTS AND INCREASED GEOGRAPHIC AREA WITHIN
REDEVELOPMENT PROJECT NO 1, AND ESTASLISHING TAX
INCREMENT FINANCING DISTRICT NO 10 AND APPROVING AND
ADOPTING THE PROPOSED TAR INCREMENT FINANCING PLAN
RELATING THERETO.
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follows
Section 1 Recitals
1 O1 It has been proposed that the Authority modify Redevelopment Pro�ect No
1 to reflect increased project costs and increased geographic area and approve
and adopt a Modified Redevelopment Plan relating thereto, pursuant to and in
accordance with Minnesota Statutes, Sections 469 001 to 469 047, inclusive, as
amended and supplemented from time to time
1 02 It has been further proposed that the Authority modify Tax Increment
, Financing Districts No 1 through No 9 to reflect increased pro�ect costs and
increased geographic area within Redevelopment pro�ect No 1 and approve and
adopt Modified Tax Increment Financing Plans relating thereto, pursuant to
Minnesota Statutes, Section 469 174 through 469 179, inclusive, as amended and
supplemented from time to time
1 03 It has been further proposed that the Authority approve the establishment
of proposed Tax Increment Financing District No 10 and approve and adopt the
proposed Tax Increment Financing Plan relating thereto pursuant to and in
accordance with Minnesota Statutes, Section 469 174 to 469 179, inclusive, as
amended and supplemented from time to time
1 04 The Authority has investigated the facts and has caused to be prepared
with respect thereto, a Modified RedeveZopment Plan for Redevelopment Pro�ect
No 1 reflecting increased project costs and increased geographic area, Modified
Tax Increment Financing P1ans for Tax Increment Financing Districts No 1
through No 9 reflecting increased pro�ect costs and increased geographic area
within Redevelopment Project No 1, and a proposed Tax Increment Financing Plan
for proposed Tax Increment Financing District No 10, defining more precisely
the property to be included, the public costs to be incurred and other matters
relating thereto
1 OS The Authority has performed all actions required by law to be performed
prior to the modification of Redevelopment Pro�ect No 1 and Tax Increment
Financing Districts No 1 through No 9 and the approval and adoption of the
' Modified Redevelopment Plan and Modified Tax Increment Financing Plans relating
thereto, and to the establishment of proposed Tax Increment Financing District
'
'
Page 2- Resolution No HRA 1- 199D
No 10 and the approval and adoption of the proposed Tax Increment Financing
Plan relating thereto
1 06 The Authority hereby determines that it is necessary and in the best
interests of the City and the Authority at this time to modify Redevelopment
Pro�ect No 1 to reflect increased project costs and increased geographic area
and to approve and adopt the Modified Redevelopment Plan relating thereto, to
modify Tax Increment Financing Districts No 1 through No 9 to reflect
increased pro�ect costs and increased geographic area within Redevelopment
Pro�ect No 1 and to approve and adopt the Modified Tax Increment Financing
Plans relating thereto, and to establish proposed Tax Increment Financing
District No. 10 and to approve and adopt the proposed Tax Increment Financing
Plan relating thereto
Section 2 Findines
2 Ol The Authority hereby finds that the assistance to
be provided through the adoption and the implementation of the Modified
Redevelopment Plan, Modified Tax Increment Financing Plans and proposed Tax
Increment Financing Plan are necessary
to assure the development and redeve�opment of Redevelopment Project No 1
2.02 The Authority hereby finds that the Ptodified Redevelopment P1an, Modified
Tax Increment Financing Plans and proposed Tax Increment Financing Plan conform
to the general plan for the development and iedevelopment of the City as a
whole
2.03, The Authority finds that the Modified Redevelopment Plan, Modified Tax
Increment Financing Plans and proposed Tax Increment Finartcing Plan afford
maximum opportunity consistent with the sound needs of the City as a whole for
the development and redevelopment of Redevelopment Pro�ect No 1
Section 3 A�proval of the Modification of Redevelopment Pro�ect No 1 and the
Aovroval and Adoption of the Modified Redevelopment Plan Relatin¢ Thereto.
3 O1 The modification of Redevelopment Project No 1 reflecting increased
project costs and increased geographic area and the approval and adoption of the
Modified Redevelopment P1an relating thereto are hereby approved and adopted by
the Commissioners of the Authority and are forwarded to the Fridley City Council
for public hearing, review and approval
Section 4 Approval of the Mndifica�ton of Tax Increment Financing Districts
No 1 through No 9 and the Aonroval �nd Ado�tion of the Modified Tax Increment
Financin Plans Relatin Thereto
4 O1. The modification of Tati Inerement Financing Districts No 1 through No
9 reflecting increased pro�ect costs and increased geographic area within
Redevelopment Pro�ect No 1 and the approval and adoption of the Modified Tax
' Increment Financing P1ans relating thereto are hereby approved and adopted by
the Commissioners of the Authority and are forwarded to the Frldley City Council
for public hearing, review and approval
Page 3- Resolution No HRA 1- 1990
, Section 5 Apnroval of Che Establishment of Proposed Tax Incxement Financing
District No 1D and the Approval and Adoption of the Proposed Tax Increment
Financine Plan Relatin�Thereto
'
'
5 O1 The establishment of proposed Tax Increment Financing District No 10
within Redevelopment Pro�ect No 1 and the approval and adoption of the pzoposed
Tax Increment Financing Plan relating thereto are hereby approved and adopted
by the Commissioners of the Authority and are forwarded to the Fridley City
Council for public hearing, review and approval
Section 6 Filing of Plans
6 O1 Upon approval and adoption of the Modified Redevelopment Plan, the
Modified Tax Increment Financing Plans and the proposed Tax Increment Financing
Plan (collectivaly the "Plans"), the Authority sha11 cause said Plans to be
filed with the Minnesota Department of Trade and Economic Development
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF FRIDLEY THIS STH DAY OF FEBRUARY, 1490
�/'�cx.`.-""'c'� � �^�v�'^- ✓
LAWRENC� R COPIMERS, - CHAIRPERSON